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Divided we fall: Congressional cycles, the stock market and firm performance 分裂就会失败：国会周期、股市和公司业绩
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-17 DOI: 10.1016/j.jcorpfin.2025.102776
Joshua Livnat , Amir Rubin , Dan Segal
{"title":"Divided we fall: Congressional cycles, the stock market and firm performance","authors":"Joshua Livnat ,&nbsp;Amir Rubin ,&nbsp;Dan Segal","doi":"10.1016/j.jcorpfin.2025.102776","DOIUrl":"10.1016/j.jcorpfin.2025.102776","url":null,"abstract":"<div><div>This study examines the impact of partisan control of the United States Congress on corporations and the economy. The findings indicate that economic performance is weaker when neither party holds a majority in both chambers of Congress, resulting in a divided Congress. We propose that this outcome may be attributed to a decrease in the level and quality of regulation during divided Congress terms. To analyze the immediate effects of regulation on the economy, we leverage congressional recess periods as a source of exogenous variation. Consistent with the conjecture that the composition of Congress affects the economy through its regulatory activity, we demonstrate that a divided Congress negatively impacts economic performance when Congress is in session but has no significant effect during recesses (when regulation does not occur). In conclusion, congressional cycles and the presence of effective regulation are shown to be crucial factors influencing economic activity.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102776"},"PeriodicalIF":7.2,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Editorial: Ownership and corporate social and sustainable policies 社论：所有权与企业社会和可持续政策
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-17 DOI: 10.1016/j.jcorpfin.2025.102777
Morten Bennedsen , Joseph Fan , Stuart Gillan
{"title":"Editorial: Ownership and corporate social and sustainable policies","authors":"Morten Bennedsen ,&nbsp;Joseph Fan ,&nbsp;Stuart Gillan","doi":"10.1016/j.jcorpfin.2025.102777","DOIUrl":"10.1016/j.jcorpfin.2025.102777","url":null,"abstract":"","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102777"},"PeriodicalIF":7.2,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143844192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Capitalization of operating leases and the cost of Bank loans 经营租赁资本化和银行贷款成本
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-13 DOI: 10.1016/j.jcorpfin.2025.102773
Joanna Golden , Xiaotao Kelvin Liu
{"title":"Capitalization of operating leases and the cost of Bank loans","authors":"Joanna Golden ,&nbsp;Xiaotao Kelvin Liu","doi":"10.1016/j.jcorpfin.2025.102773","DOIUrl":"10.1016/j.jcorpfin.2025.102773","url":null,"abstract":"<div><div>This study investigates whether the cost of bank loans is associated with the adoption of new lease standards, which mandate firms to recognize operating leases and increase disclosures. Consistent with our hypothesis, we find robust evidence that treatment firms (i.e., borrowers with higher operating leases in the pre-implementation period) are associated with a greater decline in loan spreads. The effect is more pronounced among unrated firms, borrowers with more opaque pre-implementation financial disclosure, and loans syndicated by less sophisticated lenders. We also document that treatment firms are associated with a greater increase in the number of lenders, debt maturity, and credit ratings. Moreover, treatment firms experience a greater reduction in covenant intensity and covenant tightness. Collectively, our evidence suggests that compliance with ASC 842 improves the reporting reliability and disclosure quality of operating leases.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102773"},"PeriodicalIF":7.2,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Green banking illusion? The influence of “Eco-Conscious” bank shareholders on credit allocation 绿色银行错觉？“生态意识”银行股东对信贷配置的影响
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-12 DOI: 10.1016/j.jcorpfin.2025.102767
Adrian Böhm , Christian Eufinger , Igor Kadach , Yuki Sakasai
{"title":"Green banking illusion? The influence of “Eco-Conscious” bank shareholders on credit allocation","authors":"Adrian Böhm ,&nbsp;Christian Eufinger ,&nbsp;Igor Kadach ,&nbsp;Yuki Sakasai","doi":"10.1016/j.jcorpfin.2025.102767","DOIUrl":"10.1016/j.jcorpfin.2025.102767","url":null,"abstract":"<div><div>Can voluntary market-based initiatives effectively promote greener credit allocation? Our paper addresses this question by assessing the role of self-declared environmentally conscious bank shareholders, specifically those endorsing the UN Principles for Responsible Investment, in shaping the sustainability of bank loan portfolios. For our analysis, we utilize a comprehensive dataset that includes information on syndicated loans, firm-level emissions, and both bank and firm ownership and financial data. Controlling for loan demand, at the bank–firm level, we find no evidence of an association between a higher ownership stake by eco-conscious bank shareholders and shifts in banks’ loan allocation strategies between firms with low and high emissions. At the firm-level, we find that lending relationships with banks characterized by greater eco-conscious ownership are not associated with significantly improved environmental performance among borrower firms. Our analysis reveals that banks are treated differently by investors compared to non-financial firms, likely due to regulatory requirements and their unique governance structures, which might explain the observed lack of influence of eco-conscious bank shareholders. Our findings thus indicate the potential limitations of relying on self-declared eco-conscious bank shareholders to guide banks toward environmentally sustainable credit allocation.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102767"},"PeriodicalIF":7.2,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate shutdowns in the time of Covid-19 新冠疫情期间的企业倒闭
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-07 DOI: 10.1016/j.jcorpfin.2025.102766
Shradha Bindal, Kissan Joseph, Felix Meschke
{"title":"Corporate shutdowns in the time of Covid-19","authors":"Shradha Bindal,&nbsp;Kissan Joseph,&nbsp;Felix Meschke","doi":"10.1016/j.jcorpfin.2025.102766","DOIUrl":"10.1016/j.jcorpfin.2025.102766","url":null,"abstract":"<div><div>This study examines the factors driving corporate headquarters shutdown decisions among S&amp;P 500 firms during the early months of the Covid-19 pandemic. Using mobile phone data to estimate shutdown timing, we find that financial flexibility and CEO characteristics, such as pay duration, overconfidence, power, age or gender, do not influence shutdown decisions. Instead, work-from-home adaptability, local shelter-in-place mandates, and political alignment emerge as critical drivers. Democratic-leaning firms, particularly those led by Democratic-leaning CEOs, shut down significantly earlier than their counterparts. These findings highlight the importance of political and regulatory dynamics in shaping corporate responses during crises.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102766"},"PeriodicalIF":7.2,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do hedge funds still manipulate stock prices? 对冲基金还在操纵股价吗？
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-06 DOI: 10.1016/j.jcorpfin.2025.102765
Xinyu Cui , Olga Kolokolova
{"title":"Do hedge funds still manipulate stock prices?","authors":"Xinyu Cui ,&nbsp;Olga Kolokolova","doi":"10.1016/j.jcorpfin.2025.102765","DOIUrl":"10.1016/j.jcorpfin.2025.102765","url":null,"abstract":"<div><div>We find no evidence of stock price manipulation by hedge funds from 2011 to 2019, despite confirming the portfolio-pumping pattern documented between 2000 and 2010. In the more recent period, the magnitude, frequency, and persistence of manipulation by hedge funds appear to have declined. This decrease is linked to reduced rewards, as fund flows no longer react positively to the end-of-quarter returns of hedge fund portfolios. Proactive regulatory actions, measured by SEC litigation cases involving hedge funds, and increased press attention to hedge fund fraud also contribute to reduced manipulation during both periods.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102765"},"PeriodicalIF":7.2,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Government contracts and labor investment efficiency 政府合同与劳动投资效率
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-04 DOI: 10.1016/j.jcorpfin.2025.102771
Pedro Monteiro , Masim Suleymanov
{"title":"Government contracts and labor investment efficiency","authors":"Pedro Monteiro ,&nbsp;Masim Suleymanov","doi":"10.1016/j.jcorpfin.2025.102771","DOIUrl":"10.1016/j.jcorpfin.2025.102771","url":null,"abstract":"<div><div>This study investigates the impact of government contracts on labor investment efficiency in U.S. public firms between 2001 and 2019. We find that firms awarded with government contracts exhibit improved labor investment efficiency, characterized by reduced abnormal labor hiring, evident in both overinvestment and underinvestment issues. Government contracts are particularly beneficial for financially constrained firms, enhancing their ability to manage labor resources effectively. Additionally, the regulatory framework associated with government contracts reduces labor overinvestment, although it may exacerbate underinvestment where labor rights are weak. The political sensitivity of contractors also improves labor investment efficiency. However, this effect diminishes with contractors' increased bargaining power. Contrary to expectations, political connections and lobbying activities do not significantly alter the impact of government contracts on labor investment efficiency. This study highlights the nuanced role of government contracts in shaping labor investment practices and unravels the underlying mechanisms driving these outcomes, thus contributing to the literature on government contracts, corporate finance, and labor rights.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102771"},"PeriodicalIF":7.2,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620636","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The information advantage of industry common owners and its spillover effect on stock price crash risk 行业普通股所有者的信息优势及其对股价崩盘风险的溢出效应
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-27 DOI: 10.1016/j.jcorpfin.2025.102764
Qingyuan Li , Xiaoran Ni , P. Eric Yeung , David Yin
{"title":"The information advantage of industry common owners and its spillover effect on stock price crash risk","authors":"Qingyuan Li ,&nbsp;Xiaoran Ni ,&nbsp;P. Eric Yeung ,&nbsp;David Yin","doi":"10.1016/j.jcorpfin.2025.102764","DOIUrl":"10.1016/j.jcorpfin.2025.102764","url":null,"abstract":"<div><div>Blockholding multiple firms within an industry generates an information advantage for institutional investors, who can better differentiate between the industry-wide and firm-specific nature of bad news released by peer firms and avoid selling on false spillover signals (i.e., “smart exit”). Empirically, we document that industry common ownership reduces future firm-level stock price crash risk. Our results can be explained by the attenuated spillover from industry peers' firm-specific bad news, as a complement to the monitoring effect that reduces the focal firm's hoarding of bad news. Our results suggest that the presence of industry common owners provides a stabilizing effect against stock price contagion.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102764"},"PeriodicalIF":7.2,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143551857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Dispersed ownership and asset pricing: An unpriced premium associated with free float 分散所有权和资产定价：与自由流通股相关的未定价溢价
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-23 DOI: 10.1016/j.jcorpfin.2025.102763
Bruce Hearn , Igor Filatotchev , Marc Goergen
{"title":"Dispersed ownership and asset pricing: An unpriced premium associated with free float","authors":"Bruce Hearn ,&nbsp;Igor Filatotchev ,&nbsp;Marc Goergen","doi":"10.1016/j.jcorpfin.2025.102763","DOIUrl":"10.1016/j.jcorpfin.2025.102763","url":null,"abstract":"<div><div>We explore differences in the levels of dispersed ownership that lead to a returns-based free float hedging factor in addition to size, which augments the capital asset pricing model (CAPM) in explaining the cross-section of stock returns. Using the S&amp;P 1500 stocks in the US between 1985 and 2023, the results support the advantages of free float within a three-factor CAPM including size over alternative models based on liquidity, book-to-market value, and momentum. We argue that this yields a useful means for hedging effectively against the risks associated with the fundamental underlying likelihood of expropriation in a specific firm based on its ownership structure.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102763"},"PeriodicalIF":7.2,"publicationDate":"2025-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143528657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Foreign ownership and board cultural diversity 外资所有权和董事会文化多样性
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-20 DOI: 10.1016/j.jcorpfin.2025.102753
Oussama El Moujahid , Bart Frijns , S. Abraham Ravid , Naciye Sekerci
{"title":"Foreign ownership and board cultural diversity","authors":"Oussama El Moujahid ,&nbsp;Bart Frijns ,&nbsp;S. Abraham Ravid ,&nbsp;Naciye Sekerci","doi":"10.1016/j.jcorpfin.2025.102753","DOIUrl":"10.1016/j.jcorpfin.2025.102753","url":null,"abstract":"<div><div>Using detailed hand-collected data on firm ownership and board cultural diversity from Sweden, we find that foreign ownership is positively associated with board cultural diversity. This relationship is not an artifact of foreign owners joining the board, and it is not driven by firms with substantial foreign focus. The presence of foreign owners on nomination committees seems to be the channel through which foreign owners implement cultural diversity. The positive relationship between foreign ownership and board cultural diversity is also more pronounced in firms where owners may have more say (family firms, dual-class share firms, and firms with concentrated ownership). However, we do not find evidence that cultural diversity increases firm value or that it is correlated with other types of diversity. Our preferred interpretation is quasi-homophily.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102753"},"PeriodicalIF":7.2,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143509827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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